Fri. Jan 24th, 2020

CollPlant (NASDAQ: CLGN)

25 min read

CollPlant (NASDAQ: CLGN), a regenerative medicine company, declared recently fiscal results for the 3rd-quarter finished September 30, 2k19 and provided an update on the Company’s business developments. Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures. See “Use of Non-IFRS (non-GAAP) Measures” below.

CollPlant reported revenues of $679,000.00 for the 3rd-quarter of 2k19, an incline of 203.00 percent compared to $224,000.00 in the 3rd-quarter of 2k18. The Company finished the 3rd-quarter of 2k19 with $5.70M in cash and cash equivalents. Operating loss for the 3.0-months finished September 30, 2k19 was $1.70M, an incline of 8.0 percent compared to an operating loss of $1.50M in the 3rd-quarter of 2k18. Comprehensive loss for the 3rd-quarter of 2k19 was $3.20M, or $0.690 for each share on a GAAP basis, or adjusted comprehensive loss of $1.90M or $0.410 for each share, on a non-GAAP basis.

3rd-Quarter 2k19 Fiscal Results on IFRS basis (“GAAP”)

Revenues for the 3.0-months finished September 30, 2k19 inclined by 203.00 percent to $679,000.00, compared to $224,000.00 in the 3rd-quarter of 2k18. Revenues were derived mainly from CollPlant’s BioInk for the development of 3D bioprinting of tissues and life savings organs.

The Company’s gross profit for the 3.0-months finished September 30, 2k19 declined by 64.00 percent to $53,000.00 compared to $148,000.00 in the 3rd-quarter of 2k18.

Total operating costs and costs for the 3.0-months finished September 30, 2k19 were $1.70M, which reflects a slight incline from $1.70M in the 3.0-months finished September 30, 2k18. Operating loss for the 3.0-months finished September 30, 2k19 was $1.70M, an incline of 8.00 percent compared to an operating loss of $1.50M in the 3rd-quarter of 2k18.

The financial cost, net for the 3.0-months finished September 30, 2k19 was $1.60M compared to financial income, net of $209,000.00 in the 3rd-quarter of 2k18. The incline of approximately $1.80M is mainly due to non-cash re-evaluation costs of $1.50M, calculated according to the Black-Scholes formula, of CollPlant’s warrants and anti-dilution derivatives.

Comprehensive loss for the 3rd-quarter of 2k19 was $3.20M, or $0.690 for each share, compared to a comprehensive loss of $1.30M, or $0.290 for each share, for the 3rd-quarter of 2k18. The incline is mainly due to non-cash re-evaluation costs of $1.50M, calculated according to the Black-Scholes formula, of CollPlant’s warrants and anti-dilution derivatives.

Cash used in operating activities throughout the 9.0-months finished September 30, 2k19, was $3.70M compared to $4.40M in the 9.0-months finished September 30, 2k18. As of September 30, 2k19, cash, and cash equivalents totaled $5.70M.

Cash used in investing activities throughout the 9.0-months finished September 30, 2k19, was $1.00M compared to $743,000.00 in the 9.0-months finished September 30, 2k18. The incline is mainly attributable to the establishment of CollPlant’s new R&D center and headquarters in Rehovot, Israel, and investment in its production facility.

On August 30, 2k19, the Company entered into convertible loan agreements providing for the initial funding of $5.50M, which on October 27 2k19 following shareholders’ approval, automatically converted into an aggregate of 1,375,000 American Depositary Shares (ADSs) of the Company.

The Company’s equity as of September 30, 2k19, as adjusted to give effect to the conversion of the convertible loans into ADSs following shareholder approval on October 27, 2k19, was approximately $3.90M.

3rd-Quarter 2k19 Fiscal Results on Non-IFRS Basis (“non-GAAP”)

On a non-GAAP basis, the operating costs and costs for the 3rd-quarter of 2k19 were $1.80M, compared to $1.50M for the 3rd-quarter of 2k18. The comprehensive loss for the 3rd-quarter of 2k19 was $1.90M, or $0.410 for each share, compared to $1.30M, or $0.290 for each share, for the 3rd-quarter of 2k18. Non-GAAP measures exclude certain non-cash costs.

The table on page 8 includes a reconciliation of the Company’s GAAP results to non-GAAP results. The reconciliation reflects the non-cash net cost in the amount of $1.30M, mainly with respect to change in the fair value of fiscal instruments.

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